There are many types of caregivers, and we have all likely hired someone at some point — whether a babysitter for a night out, assistance for a special needs child or even full-time clinical aid for an aging family member. According to the Guardian, “Caregiving in America is on the rise. Broadly speaking,100 million U.S. adults function as caregivers, providing care for a child, parent or other relative.”
In every scenario, finding the right person is paramount. It can feel like a daunting task, but help is available. While this article focuses on finding a caregiver for a senior adult, many of the tips are universal.
Getting off on the right foot
An excellent place to start is to understand why a caregiver is needed. Although it is natural for a person to require a little help here and there as they age, it can be challenging to accept. Even if the need is obvious, include the person who will be receiving care in the decision and search process. Open communication about their needs and preferences can help make them feel more valued and respected. And remember, taking this step means they are giving up a degree of control, so they may resist and even find fault with everyone you bring in.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
It is essential to remain positive, encouraging and firm. Be patient and empathetic, recognizing that this is a significant transition for them. Providing reassurance and involving them in the decision-making can help ease the transition and foster a more cooperative attitude.
Finding the right person at the right time
Timing is key, so plan ahead as much as possible. The timeline will vary from person-to-person, but an awareness of how a parent or grandparent may be changing can be an indicator that they may need some degree of assistance. For example, failing eyesight indicates that they should no longer drive, and frequent falls could indicate something as simple as the need to use a walker or as extreme as relocation. Additionally, regardless of a person’s age or physical health, a dementia or Alzheimer’s diagnosis is a clear signal that planning for care should begin, even if the need is not immediate.
Regardless of the reason, as soon as any indication is present, begin the discussion. Starting the conversation sooner rather than later will give everyone time to digest the idea and come to terms with the new reality. Assessing the situation early also offers an opportunity to evaluate what level of aid is necessary and gives time to find the best fit.
Sometimes the best fit is simply a companion to check in a few days a week. This may include engaging in hobbies together, running errands, cooking and doing housework. In many instances, a friend or family member can commit to this role. If more specialized help is needed with activities such as eating, bathing, dressing, mobility, etc., a certified nursing assistant (CNA) will meet the qualifications. The highest level of care is that of a trained nurse who can administer medication and consult with other medical professionals. The type of care necessary will dictate where to look for candidates as well as how much the care will cost.
The search for a caregiver too often begins when a loved one has had an accident, such as a fall. In this instance, they will likely recuperate in a rehabilitation facility and then return home. This is an unexpected situation and cannot be planned; however, the facility itself can be a good first resource for finding someone to provide follow-up home health care. Most facilities will have a patient advocate who can help navigate every aspect of the patient’s care. Additionally, CNAs or other technicians typically have a network of individuals in the field they can refer to. Finally, agencies such as Visiting Angels and Care.com have a nationwide directory of providers. Agencies can be more expensive but offer the added benefit of having completed background checks and verified references.
References and clinical qualifications are a primary part of the candidate screening process, but other unique non-negotiables should be considered, such as:
- Should they own a car?
- Are there specific availability requirements?
- Is there a gender preference?
- Is a live-in caregiver needed?
Perhaps the most important question — that of personality fit — is the most difficult to answer. The arrangement must work for all involved, so be prepared for a degree of trial and error, frequent evaluation in the first few weeks and open, honest communication.
Considering the cost
Finding the best fit will prove invaluable, but the actual cost is also worth considering. It will vary by state and by the type of care that is needed. A 2024 study conducted by A Place for Mom found that the median cost for in-home private pay care is $30 per hour. Long-term care ranges from just under $5,000 per month for assisted living to over $6,000 per month for memory care. When paying for in-home care, also keep in mind any tax implications that may be relevant.
Personal resources may certainly be used to pay for care, but there are ways to offset the cost, such as government benefits, including Medicare and Medicaid, or patient-purchased long-term care insurance. Typically Medicare covers home health care, including physical therapy and medical equipment, but Medicare does not cover custodial care, such as assisted living or a nursing home. Medicaid, a joint federal and state program, can cover custodial care, but there are specific eligibility requirements that must be met. These can vary from state to state but always include financial eligibility and medical neediness.
Long-term care insurance offers the most extensive coverage and includes home care as well as custodial care. For insurable individuals, policies can be purchased at varying monthly benefits, usually ranging from $3,000 to $5,000 per month, with corresponding premiums. The optimal age to purchase long-term care insurance is typically between the mid-50s to mid-60s, but it remains available up to age 80. It’s important to note that this option must be considered well before care is needed. Often, adult children recognize their own need for long-term care insurance while navigating the process of hiring a caregiver for their parents.
Other expert help
Many families already have experts in their network who can assist with finding a caregiver. For instance, an elder law attorney is an excellent resource for exploring options, providing assistance with applying for benefits, setting up long-term care arrangements, and preserving assets, among other services. The primary care physician is invaluable for assessing their patients’ physical and cognitive health and can often broach subjects that are difficult for family members. They are also an excellent resource for in-home care referrals. Finally, rely on your financial adviser, who can assist with everything from planning for the cost of care to facilitating a family discussion.
Navigating the caregiving journey from the first conversation, to finding the best fit, to covering costs, is not easy, but it does not have to be managed alone. Remember to focus on the primary objective of quality care for your loved one and surround yourself with supportive friends and family members. Take advantage of available resources, be willing to make changes when necessary and finally, extend grace to all.
Securities offered through LPL Financial, member FINRA/SIPC. Investment advice offered through Merit Financial Group, LLC, an SEC-registered investment adviser. Merit Financial Group, LLC and Merit Financial Advisors are separate entities from LPL Financial.
Kelly Gallimore is solely an investment advisor representative of Merit Financial Advisors and not affiliated with LPL Financial. Any opinions or views expressed by Kelly Gallimore are her own and are not those of LPL Financial.
Related Content
- Five Steps to Getting Help From a Home Care Agency
- How to Pay for Long-Term Care
- How to Approach the Caregiving Transition When It’s Time
- 11 Costly Medicare Mistakes You Should Avoid Making
- Caring for Your Aging Parents: A Seven-Step Guide
-
Amazon Resale: Where Amazon Prime Returns Become Your Online BargainsFeature Amazon Resale products may have some imperfections, but that often leads to wildly discounted prices.
-
IRS Watchdog: Three Problems the IRS Must Address in 2025IRS The tax season is over, but new changes to the IRS can pose risks to your taxpayer experience.
-
Social Security's First Beneficiary Lived to Be 100: Will You?Ida May Fuller, Social Security's first beneficiary, retired in 1939 and died in 1975. Today, we should all be planning for a retirement that's as long as Ida's.
-
An Investment Strategist Demystifies Direct Indexing: Is It for You?You've heard of mutual funds and ETFs, but direct indexing may be a new concept ... one that could offer greater flexibility and possible tax savings.
-
Q2 2025 Post-Mortem: Rebound, Risks and Generational ShiftsAs the third quarter gets underway, here are some takeaways from the market's second-quarter performance to consider as you make investment decisions.
-
Why Homeowners Should Beware of Tangled TitlesIf you're planning to pass down property to your heirs, a 'tangled title' can complicate things. The good news is it can be avoided. Here's how.
-
A Cautionary Tale: Why Older Adults Should Think Twice About Being LandlordsBecoming a landlord late in life can be a risky venture because of potential health issues, cognitive challenges and susceptibility to financial exploitation.
-
Home Equity Evolution: A Fresh Approach to Funding Life's Biggest NeedsHomeowners leverage their home equity through various strategies, such as HELOCs or reverse mortgages. A newer option: Shared equity models. How do those work, and what are the pros and cons?
-
Eight Tips From a Financial Caddie: How to Keep Your Retirement on the FairwayThink of your financial adviser as a golf caddie — giving you the advice you need to nail the retirement course, avoiding financial bunkers and bogeys.
-
Just Sold Your Business? Avoid These Five Hasty MovesIf you've exited your business, financial advice is likely to be flooding in from all quarters. But wait until the dust settles before making any big moves.
